Hello Traders,
After the Ethereum price shock in last few weeks or so, Ethereum is looking to start its new rally.
There are multiple reasons of this price shock, but I am not going into more detail in this technical analysis.
Looking at the daily chart for Ethereum, it just hit its major support. Additionally, we see that RSI is in the oversold region, which indicates that the trend reversal is imminent.
As a matter of fact, RSI reached the oversold region in earlier 2016, and we see the surge in buying volume afterward.
I hope history does repeat itself and see Ethereum recovers from here.
Even though the price is very low at the moment, I would not place any buying orders unless I see a trend reversal in the daily chart.
However, if you are a long-term investor, this is a great opportunity to hop into the second largest cryptocurrency in this community.
My initial target is around $600-$700 range.
Happy trading!
After the Ethereum price shock in last few weeks or so, Ethereum is looking to start its new rally.
There are multiple reasons of this price shock, but I am not going into more detail in this technical analysis.
Looking at the daily chart for Ethereum, it just hit its major support. Additionally, we see that RSI is in the oversold region, which indicates that the trend reversal is imminent.
As a matter of fact, RSI reached the oversold region in earlier 2016, and we see the surge in buying volume afterward.
I hope history does repeat itself and see Ethereum recovers from here.
Even though the price is very low at the moment, I would not place any buying orders unless I see a trend reversal in the daily chart.
However, if you are a long-term investor, this is a great opportunity to hop into the second largest cryptocurrency in this community.
My initial target is around $600-$700 range.
Happy trading!